This chart shows a technical analysis for BTC/USD (Bitcoin to US Dollar) on the 2-hour time frame. Here's a breakdown of the analysis.
🔍 Key Chart Elements
Support Area (Orange Zone):
The price has tested this zone multiple times and bounced, indicating strong demand. It's marked between ~102,000 and ~103,000 USD.
Resistance Line (~108,366 USD):
A key level that BTC needs to break above to confirm bullish momentum.
Target Zone (~113,378 USD):
A projected bullish target if price breaks resistance and continues upward.
Two Scenarios Outlined:
1. Bullish Scenario (Black Zigzag Upward Path):
If BTC holds above the support and breaks the resistance, it is projected to continue rising toward the 113,378 level.
2. Bearish Scenario (Black Zigzag Downward Path):
If BTC fails to hold above the support area and breaks below it, a steep decline is anticipated—potentially toward or below 98,000.
Blue Arrow:
Shows potential minor pullback or retest of support before either the bullish breakout or bearish breakdown.
🧠 Interpretation
This chart suggests that BTC is at a critical decision point. A move above 108,366 would confirm bullish momentum, targeting 113,378. A break below the support zone would likely lead to a bearish trend continuation.
🧭 Trading Implications
Buy Bias: Above 106,000 with confirmation of momentum; target near 113,000.
Sell Bias: On breakdown below 102,000; potential target below 98,000.
Risk Management: Crucial to use stop-losses just below support for long trades, and just above resistance for shorts.
🔍 Key Chart Elements
Support Area (Orange Zone):
The price has tested this zone multiple times and bounced, indicating strong demand. It's marked between ~102,000 and ~103,000 USD.
Resistance Line (~108,366 USD):
A key level that BTC needs to break above to confirm bullish momentum.
Target Zone (~113,378 USD):
A projected bullish target if price breaks resistance and continues upward.
Two Scenarios Outlined:
1. Bullish Scenario (Black Zigzag Upward Path):
If BTC holds above the support and breaks the resistance, it is projected to continue rising toward the 113,378 level.
2. Bearish Scenario (Black Zigzag Downward Path):
If BTC fails to hold above the support area and breaks below it, a steep decline is anticipated—potentially toward or below 98,000.
Blue Arrow:
Shows potential minor pullback or retest of support before either the bullish breakout or bearish breakdown.
🧠 Interpretation
This chart suggests that BTC is at a critical decision point. A move above 108,366 would confirm bullish momentum, targeting 113,378. A break below the support zone would likely lead to a bearish trend continuation.
🧭 Trading Implications
Buy Bias: Above 106,000 with confirmation of momentum; target near 113,000.
Sell Bias: On breakdown below 102,000; potential target below 98,000.
Risk Management: Crucial to use stop-losses just below support for long trades, and just above resistance for shorts.
Trade active
BTCUSD: BTC has broken all support trend lines. Next target will be $98k soon. According to 2-H time frame.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.